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Inside MBS & ABS

December 14, 2007

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Confident After Self-Regulating on Loan Mods, ASF Turns Attention to the Rating Services and Transparency

Greg Medcraft, the American Securitization Forum’s outgoing chair, urged the organization to build on the momentum of the loan modification plan it brokered last week. “We proved ourselves as basically self-regulating,” he said at a forum on the future of... Read More

Freddie 4Q07 Results Could be Another Bomb; Both GSEs See Tough Market Continuing in ‘09

Freddie Mac Chairman and CEO Dick Syron told investors this week that the government-sponsored enterprise’s results for the fourth quarter aren’t going to be any better than they were in the third quarter – when Freddie reported a record $2.0 billion loss. The... Read More

Merrill Lynch Claims Unwanted Title as Top Subprime MBS Issuer, Morgan Stanley Leads in Underwriting

Securitization of subprime mortgages has slowed to the point that the industry’s leaders at the end of the nine-month mark – Merrill Lynch and Morgan Stanley – are likely to end up on top when the final tally is made for 2007. Merrill Lynch... [Includes two charts] Read More

Countrywide and Lehman Brothers Play Major Roles In Slumping 3Q07 Alt A Mortgage Securities Market

Countrywide Financial remained the top issuer of Alt A mortgage securities through the nine-month mark in 2007, although its production fell sharply as the credit crunch led to a huge decline in issuance during the third quarter... [Includes two charts] Read More

IRS Clarifies REMIC Issue, Clears Way for Loan Modification Under ASF Framework

The Internal Revenue Service issued guidance last week for excluding thousands of securitized adjustable-rate mortgages from any tax challenge as a result of modification under a foreclosure-prevention plan brokered by the Bush administration. The IRS clarified that... Read More

Bill to Limit Ability of Investors to Sue Over Loan Mods Met With Resistance on All Sides

Federal banking regulators, securitization industry participants and even consumer advocates agree that legislation recently introduced in the House is the wrong way to deal with possible litigation over loan modifications. H.R. 4178, “The Emergency Mortgage Loan... Read More

House Panel Approves Cramdown Bill, Provisions to Sunset after Seven Years

The House Judiciary Committee this week approved what it billed as “compromise” legislation, which would give bankruptcy judges the authority to restructure home mortgage debt of Chapter 13 filers facing foreclosure. Committee Chairman John Conyers, D-MI, announced... Read More

Freddie, Fannie to Buy Fewer Delinquent Loans From Pools; GSEs Raise Fees for New Business

Freddie Mac revised its delinquent loan guidelines last week in order to keep more seriously delinquent loans in its MBS pools.Currently, Freddie purchases loans from its MBS once they are delinquent for 120 days. But going forward, the GSE is expanding... Read More

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